Kinetik (NYSE:KNTK) Given New $51.00 Price Target at Scotiabank

Kinetik (NYSE:KNTK) had its target price boosted by Scotiabank from $49.00 to $51.00 in a research report report published on Tuesday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Several other equities research analysts also recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Kinetik in a report on Thursday, January 22nd. Barclays lifted their price objective on shares of Kinetik from $40.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Raymond James Financial set a $46.00 price target on Kinetik in a report on Monday, January 5th. Jefferies Financial Group downgraded shares of Kinetik from a “buy” rating to a “hold” rating and set a $43.00 price objective for the company. in a research note on Friday, February 6th. Finally, Wells Fargo & Company increased their price objective on Kinetik from $44.00 to $47.00 and gave the company an “equal weight” rating in a report on Friday, March 13th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Kinetik currently has a consensus rating of “Hold” and a consensus target price of $46.18.

Kinetik Trading Up 1.7%

NYSE:KNTK opened at $45.40 on Tuesday. The stock has a 50 day moving average of $41.91 and a two-hundred day moving average of $39.25. Kinetik has a 12 month low of $31.33 and a 12 month high of $54.94. The firm has a market cap of $7.34 billion, a P/E ratio of 17.67, a price-to-earnings-growth ratio of 1.41 and a beta of 0.69.

Kinetik (NYSE:KNTK) last released its quarterly earnings data on Thursday, February 26th. The company reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $2.01. Kinetik had a net margin of 29.23% and a negative return on equity of 32.70%. The company had revenue of $430.42 million during the quarter. During the same quarter in the previous year, the company posted $0.01 EPS. The firm’s revenue was up 11.5% on a year-over-year basis.

Insider Activity at Kinetik

In other Kinetik news, insider Trevor Howard sold 1,619 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $46.92, for a total value of $75,963.48. Following the transaction, the insider owned 249,795 shares of the company’s stock, valued at approximately $11,720,381.40. This represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the sale, the insider owned 554,738 shares in the company, valued at approximately $19,998,304.90. The trade was a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 4,015,831 shares of company stock worth $180,054,928 in the last 90 days. Corporate insiders own 3.83% of the company’s stock.

Institutional Investors Weigh In On Kinetik

A number of institutional investors have recently modified their holdings of KNTK. ProShare Advisors LLC boosted its holdings in Kinetik by 3.5% in the fourth quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after purchasing an additional 294 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in shares of Kinetik by 5.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock worth $238,000 after acquiring an additional 337 shares during the last quarter. Federated Hermes Inc. grew its position in Kinetik by 0.4% in the 2nd quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after purchasing an additional 346 shares during the last quarter. CWM LLC grew its position in Kinetik by 89.8% during the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after buying an additional 352 shares in the last quarter. Finally, SL Advisors LLC increased its position in shares of Kinetik by 1.7% during the third quarter. SL Advisors LLC now owns 22,306 shares of the company’s stock valued at $953,000 after purchasing an additional 379 shares during the period. Institutional investors and hedge funds own 21.11% of the company’s stock.

Kinetik Company Profile

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.